Best TD Bank credit cards of 2017

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In a Nutshell

Whether or not you bank with TD Bank, you can apply for one of its credit cards, some of which offer sign-up bonuses and rewards for dining, travel and everyday purchases.

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At a glance: Best TD Bank credit cards

Best for cash back TD Cash Credit Card
Best for travel rewards TD First ClassSM Visa Signature® Credit Card
Best for bank loyalty TD Ameritrade Client Rewards Card
Best for business TD Business Solutions Credit Card

From travel rewards to business credit cards, TD Bank offers several options.

TD Bank is a regional bank with a heavy presence from Maine to Florida. It has physical locations in 15 states in the Eastern U.S. as well as Washington D.C. But you don’t have to live in one of these states to get a bank account with TD Bank.

You also don’t need to be a current customer to sign up for a TD Bank credit card. But your loyalty can speed up the card application process and earn you bonus rewards through certain credit cards, like the TD Ameritrade Client Rewards Card, when you redeem into an eligible TD account.

David Bakke, a credit card expert with personal finance blog Money Crashers, says TD Bank offers several credit card options with different rewards. He says consumers can pick a card that aligns with their spending habits, whether they’re looking to stack up airline miles or cash back for everyday expenses or business purchases.

If you’re interested in opening a credit card with TD Bank, here’s a rundown of the bank’s offerings.

Best for cash back: TD Cash Credit Card

Who’s it for?

Foodies who want to earn rewards for dining and consumers who need to transfer a balance from a card with a high interest rate.

Why we like it

If you’re someone who dines out most of the week, you can earn rewards quickly with the TD Cash Credit Card. This card offers 2 percent cash back on dining purchases and 1 percent cash back for everything else. You can earn unlimited rewards that don’t expire as long as your account is in good standing. You can start redeeming your rewards once you earn $25.

The card has no annual or foreign transaction fees. It offers a sign-up bonus of $150 cash back (offer expires August 31, 2017) if you spend $500 in the first 90 days from account opening.

One of the card’s best features is the 0 percent introductory APR for balance transfers for the first 12 months of account opening. After that, there is a 13.74 to 23.74 percent variable APR.

If you have a high-interest balance on another card, transferring it to this card and paying it off within a year will help you avoid further interest charges. Just keep in mind that you will have to pay a balance transfer fee of either $10 or 4 percent of each balance transferred, whichever amount is higher.

Watch out for

The 0 percent intro APR offer only applies to balance transfers and not card purchases. This means you’ll have to pay off the balance of your purchases in full each month to avoid interest charges, which can range from 13.74 to 23.74 percent depending on how the bank assesses your creditworthiness.

How to use it

Use this card primarily for purchases at restaurants, bars and other eating establishments to maximize the 2 percent rewards category.

You can redeem rewards for gift cards, travel, merchandise or cash back in the form of a statement credit or direct deposit. To redeem for cash back, you’ll need to earn at least 2,500 points, which translates to $25 in cash back.

3 no-hassle cash back credit cards

Best for travel rewards: TD First ClassSM Visa Signature® Credit Card

Who’s it for?

Frequent travelers and business travelers.

Why we like it

With this card, you’ll earn three miles per dollar spent on dining and travel plus one mile per dollar spent on all other purchases.

Also, this card offers up to 25,000 bonus miles. This includes 15,000 miles the first time you use the card in the first 6 months and another 10,000 miles when you spend $3,000 in purchases in the first six months. Each mile is worth at least 1 cent when redeeming for cash back, gift cards or travel, making the 25,000-mile sign-up bonus worth $250.

Watch out for

The annual fee is waived the first year, but you’ll pay $89 after that.

Also, unlike other cards in the market, like the Chase Sapphire Preferred® Card, you can’t transfer points to a frequent-flyer program or hotel loyalty program. If you want more flexibility to earn rewards, you’ll have to look elsewhere.

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Another thing to watch out for? If you’re redeeming for statement credit, you must redeem at least 25,000 miles to get the full value of your rewards earnings. Otherwise, your miles can only be redeemed for 50 percent of their value.

How to use it

Be sure to use this card when making purchases on dining and travel, as that’s when you’ll earn more rewards. Miles can be redeemed for travel or dining in the form of a statement credit. You can also use your miles to purchase merchandise or gift cards.

The essential guide to the best travel rewards cards

Best for bank loyalty: TD Ameritrade Client Rewards Card

Who’s it for?

TD Bank customers who have a TD Ameritrade brokerage account.

Why we like it

The TD Ameritrade Client Rewards Card has a flat rewards structure that lets you earn unlimited 1.5 points on every purchase. Each point you earn is worth 1 cent when you redeem for cash back. Plus, there’s no annual fee for this card.

But the real draw is for current TD Ameritrade clients who want to be rewarded for their loyalty. The card offers a 10 percent rewards bonus when you redeem your points for cash back into an eligible TD Ameritrade brokerage account. This could help some consumers build up their long-term savings.

Watch out for

This isn’t a good balance transfer card, since there’s no introductory offer and the variable APR can be as high as 23.74 percent, depending on your creditworthiness.

You can redeem your points for statement credit or deposit in to a TD Ameritrade brokerage account only after you have earned 25,000 points.

Also, it may not be the best option for international travelers because the card carries a 3 percent foreign transaction fee.

How to use it

You’ll benefit most if you transfer the cash back you earn to your TD Ameritrade brokerage account to get the 10 percent rewards bonus. Let’s say you spend $2,000 on purchases each month. You’ll earn $30 cash back. When you add the bonus, you’ll get an additional $3 in cash back rewards. It’s small, but it adds up.

Best for business: TD Business Solutions Credit Card

Who’s it for?

Self-employed people who want to earn rewards for their business spending.

Why we like it

Running a business comes with overhead, so why not get something in return? The TD Business Solutions Credit Card offers unlimited 3 percent cash back on phone, internet and cable purchases, 2 percent cash back on dining and gas, and 1 percent cash back on everything else.

You’ll earn cash back in the form of points at a value of 1 cent per point when redeemed for cash back, travel or gift cards. Let’s say you spend about $300 each month on phone, internet and cable purchases. You’ll earn 10,800 points or $108 cash back for the year.

Watch out for

There’s a 0 percent introductory APR offer on balance transfers only for the first 12 months, not purchases. You also must earn at least 25,000 points before you can start redeeming for statement credit or deposit into a bank account.

If your business requires a lot of driving, you may want to opt for a business card with a higher rewards rate than the 2 percent offered for gas with this card.

One good option for a business card with gas rewards is the SimplyCash® Plus Business Credit Card from American Express. It offers 3 percent cash back on a category you choose, and one of the options is spending at U.S. gas stations. There are seven other categories to choose from as well.

The SimplyCash® Plus Business Credit Card from American Express also offers 5 percent cash back on purchases at U.S. office supply stores and on wireless telephone services purchased directly from U.S. service providers. Cardholders will get 1 percent back on all other purchases.

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How to use it

Use the TD Business Solutions Credit Card for everyday business purchases to accelerate your earnings. However, you can maximize your rewards if you focus on the higher 3 percent rewards category (phone, internet and cable services).

Generally, you’ll get the most value for your points if you redeem rewards for cash back. Merchandise redemptions may be worth less, so calculate the points value before you redeem for merchandise to make sure you’re getting the most out of your rewards.

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Bottom line

Even if you don’t bank with TD, its credit card offerings may be worthwhile for new customers. TD Bank cards offer rewards and flexibility, whether you like cash back, a flat rewards structure or a miles system to earn rewards for travel.

However, you’ll need to strategize to maximize rewards, and you’ll need to decide if the interest rate fits into your budget. Do your research before signing up.

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